Alternative cash from EBRD

ISTANBUL:The European Bank for Reconstruction and Development (EBRD) is providing a €63 million loan to Turkish short-sea operator Alternative Tasimacilik (Alternative) to buy three ro-ro vessels currently under charter.

Alternative operates the three ships, each with a capacity of 240 trailers, between Istanbul and Trieste. The company was launched in 2012 by Ahmet Musul, the founder and majority shareholder of 3PL Ekol Lojistik.

Sue Barrett, EBRD director for Transport commented: "We see strong growth potential for Turkey's logistics sector which currently represents 12 percent of [the country's] GDP. With its geographical position and the second largest fleet in Europe, Turkey serves as a logistics hub connecting Europe to Asia and the Middle East." EBRD says 85 percent of Turkey's international trade is seaborne.

Michael Davey, the EBRD director for Turkey, added: "This project will boost a growing industry, vital for Turkish international trade, and will foster ties between Turkey and EU countries, supporting growth in the wider region."

Since 2009 the EBRD has invested almost €4.5 billion in 130 Turkish infrastructure, energy, agribusiness, industry and finance projects.

Ekol, one of Turkey's leading 3PLs, says it has launched a separate heathcare division with a turnover goal of €20 million this year. The company claims a 35 percent share of Turkey's pharma logistics market.